CWCO vs SPY: Correlation
Consolidated Water Co. Ltd. (CWCO) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWCO and SPY?
On 3 years of weekly data the CWCO/SPY correlation comes out at 0.31, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.20 versus 0.31 over 3 years. The 5-year figure is 0.21, and annualized covariance runs at 136.4 %².
Among the 12 assets we track against CWCO, SPY sits near the bottom by co-movement, at rank #8. The last year tells two different stories: SPY led by 28.9 percentage points, -8.3% for CWCO against +20.6% for SPY. Risk is not evenly split, since CWCO carries 2.1 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CWCO vs SPY: side by side
| CWCO (Consolidated Water Co. Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -8.3% | +20.6% |
| 5-year return | +171.8% | +82.4% |
| Volatility (ann.) | 30.8% | 14.5% |
| Beta vs S&P 500 | 0.65 | 1.00 |
| Max drawdown (3Y) | -38.2% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 29.5 | – |
| Dividend yield | 1.86% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | CWCO | SPY |
|---|---|---|
| 2022 | +42.6% | -18.2% |
| 2023 | +144.2% | +26.2% |
| 2024 | -26.5% | +24.9% |
| 2025 | +38.7% | +17.7% |
| 2026 | -13.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWCO and SPY good diversifiers for each other?
Reasonably. At 0.31, CWCO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CWCO and SPY?
The CWCO/SPY correlation stands at 0.31 on a 3-year window (1 year: 0.20, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CWCO?
Reasonably. At 0.31, CWCO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 mean?
A reading of 0.31 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CWCO correlations · SPY correlations
